THREE PARTIES EYE POSSIBLE PURCHSE OF RESORT, DPM SAYS
NASSAU, Bahamas — While stressing that he won’t get into specifics until “the money is in the bank”, Deputy Prime Minister Chester Cooper said yesterday there are three “very significant” parties interested in purchasing Grand Lucayan Resort in Grand Bahama, which the Minnis administration bought in 2018 and the Davis administration to date has struggled to sell off, The Nassau Gurdian reported on Wednesday, September 6, 2023, in n article written by Executive Editor Candia Dames.
“The hotel continues to be a part of my project moving forward. et the money in the bank, then I’m going to tell more,” said Cooper, who is minister of tourism, investments and aviation. “So I’m not going to say anything more than that today.”
He made the comment while a guest on the Guardian Radio program “Morning Blend” with host Dwight Strachan, who pointed out, “You’ve been saying that a little while.”
Cooper responded, “The money ain’t in the bank yet. When it’s there I’ll tell you.”
Strachan then asked, “How significant is the interest?”
The deputy prime minister informed, “Very serious interest. At the moment, at least three parties. So, the interest is there.”
Grand Lucayan was significantly damaged by Hurricane Matthew in October 2016.
The Minnis administration formed Lucayan Renewal Holdings, a special purpose vehicle, to acquire Grand Lucayan from Hutchison Properties in August 2018 – a move the Progressive Liberal Party was strongly opposed to.
The purchase price was $65 million ($30 million in direct cash and a mortgage with the seller for the remainder, according to Cooper).
Lucayan Renewal operates the 198-room Lighthouse Pointe property at Grand Lucayan while the 551-room Breakers Cay/Lanai Suites and 522-room Reef Village (formerly Memories Resort & Casino) remain closed.
The Davis administration is now tasked with selling the resort.
Speaking of Lighthouse Pointe yesterday, Cooper said, “The hotel itself is doing well. It’s improving its occupancy. We’re not sitting on our hands waiting for someone to put money in the bank. We’re working to see how we can improve our lot in life.
“We are improving the Prop Club, that many may know. We’re opening that soon. That’s going to be fantastic.
“We’re improving Retail Street that you may remember if you know Grand Bahama. There’s going to be more vendor opportunities there.
“We’re bringing more vibrancy to the hotel. If you go there on any given day, there will be music and dancing at the pool side, so this isn’t a derelict building, you know.
“We’re bringing life back to Grand Bahama and by doing so, creating opportunities for the vendors in the area.
“So the reality is, until we find a buyer, we are continuing to drive traffic to Grand Bahama; we’re getting new airlift; we’re relaunching the Raleigh flight; we are working with our stakeholders like Margaritaville at Sea to ensure that traffic continues to come, people continue to make money. The spin-overs as a result of the work that we’re doing are there. The minister for Grand Bahama is doing a great job.”
In May 2022, Cooper announced the government agreed to sell Grand Lucayan to Electra America Hospitality Group for $100 million.
See complete article in The Nassau Guardian at https://thenassauguardian.com/significant-interest-in-grand-lucayan/
